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AMP's Fine French Friend

By

Andrew Peaple

Updated Nov. 15, 2010 5:45 a.m. ET

Patience looks like it's going to pay off for AMP.

A year after making its first bid for AXA Asia Pacific Holdings, the Australian wealth manager is back with a new offer. This time, though, it can bid with more confidence: its major rival bidder for the asset—National Australia Bank, has fallen by the wayside, thanks to Australia's competition regulator. And it'll pay less for the assets than when it bid a year ago, while shifting...